PBOC Adviser Song : No Signs of Economic Growth Rebound Yet
09/22/2012| 03:55am US/Eastern
BEIJING--China's economy hasn't shown any signs of rebounding in the third quarter, and domestic investment is unlikely to expand dramatically in the short term given the cautious pace of bank lending and fiscal spending, Song Guoqing, an adviser to the central bank, told a forum in Beijing on Saturday.
China's gross domestic product grew 7.6% in the second quarter compared with a year earlier, down from the 8.1% expansion in the first quarter and marking the country's slowest quarterly rise in more than three years.
China has long been dependent on investment, meaning spending on projects such as infrastructure or added manufacturing capacity rather than consumption, to propel its growth.
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